Bad business decisions – basing your music business plan on celebrity gossip and rumors or other half ass facts.

Stupid assumptions and the music business go hand in hand. I have found that more people seem to know more about the music industry based off of rumors, half truths, gossip or older information than many other business and entertainment fields out there.

Apparently, with out any experience, knowledge or understanding, you have hundred of people calling themselves experts.

It gets much worse when some one makes decisions based off of old truths, gossip, music industry news presented for a poor or unreliable source or just going off on what some one told you that holds no reference, backup or proof. That is setting you up to make some really really bad business decisions.

As a music consultant, I have heard people in consulting sessions tell me how this works and how that works. I have even been told information about things that happened in the studio on albums that I was on and present in that particular studio for. Whats worse is when I said, flat out, I was there, as in, I was present and that didn’t happen the way you describe. I have had a person who fired back at me telling me I was wrong. That was special. it also ended the conversation right then and there.

Anybody can have a blog, anybody can start a rumor, whether it be in entertainment, politics, or any other field. To those that are smart and want to make better decisions in what they choose to believe, those people will look at the whole story as well as the sources they are getting it from.

A solid music industry analysis of any concept, any truth or any fact that you will want to apply in to your music business plan is going to have to consist of fact checking, backing whatever you are hearing up with proof of that concept or if it is something new, show the trends and the numbers to support those concepts.

You have to use common sense and you have to dig in beyond the exciting celebrity goose and rumors, the overbought success stories and the examples that worked 10, 15, 25 years ago but may not be and are more than likely no where near as effective now.

In many music consulting sessions, I hear people say, “well so and so said it is this way” or “I saw this article that said this was true” or I visited this website that showed these numbers.”

COME ON!!!! Do you want to be that easy to fool or do you want to be the fool sharing half ass half truths?

Just because someone has some numbers up, where did they come from? It is your responsibility to ask that question, even more so if you are going to put time, money or a plan behind that!!!!

Everything I write in my blogs, everything I talk about in my videos, everything I discuss in my book, go look it up for your self. Yes, there is flat out facts, but there is also trends and assumptions, but they are assumptions and best guesses based on years of experience, a shit ton of research and proof of concept! I also stand strongly behind the words… I DONT KNOW! I have found that I have been able to build stronger trust and better relationships with clients, because when I state something or lay it out, I back it up and if I am not one hundred percent sure, I will say, flat out…I don’t know.

Humility, truth and honor build trust, dont try to claim to know what you don’t. On the same coin, you can give a best guess, but if you don’t know, say you don’t know.

It is your responsibility to decide what you deem to be true or not. It is your responsibility to ask questions, do the back up research and find out more. it is your responsibility to decide what is reputable and what isn’t in the end. And it is WORLDS better to not make stupid assumptions, claim to know things you don’t or take information at face value with out first checking it out through a series of channels.

Especially if you are going to go and repost it yourself….

Cause just because hundreds of websites and thousands of social media people said Jon Bon Jovi was dead, that didn’t make it true did it?

L

Loren Weisman is an accomplished music producer, author and music consultant. He is the author of “The Artist’s Guide to Success in the Music Business”, a book to help independent artists, musicians, bands, labels and managers achieve self sufficient and sustainable success. For more info on Loren and music consulting services, visit: http://www.lorenweisman.com

Educational Entertainment – How much does it cost to make it in music?

It is too broad a question to ask how much does it cost to make it in music or what are the exact costs of releasing an album. So many people discuss so many differing numbers in the number that it costs that equals making it in music. On one side, some of these numbers are correct but on the other side of it, they are correct for just that person, that band or that situation.

There are too many different elements that apply specifically and differently to every situation in a personalized way. In a sense it needs to be an educational entertainment approach. Think about the individual elements that apply to you where you can save money and on the other side of it, you will need to think about the things that might cost you a little more than someone else.

It is like saving for retirement. Everyones number is different. Everyone has different needs, different standards of living, different numbers and basing your number off someone else’s number that is looking to live a life nothing like yours, makes no sense at all.

I have a base number that I use as a benchmark and then try to bring it down with artists I work with that are looking for the larger scale investors and looking for a more defined level of music marketing, correct promotion and return on investment. That number sits at 500K for 2 years with a return of 25% interest on investment in 25 months for the investors and that same amount for the artist who at the ROI point, has more control than most artists.

This is also just a model and is effective with some, while not with others. It is not the new standard, but it is built off a comprehensive line item list that is realistic and well formatted.

In the end, every situation is different, every number is different and everything has to be that much more personalized to correctly execute a music business plan the right way.

So there is no solid answer on how much does it cost to make it in music. A better question to ask is to sit down with a music consultant, agent, label or investor and layout a specified plan based on trends, solid numbers and facts but also adding or subtracting the costs that will make that individual project succeed.

L

Loren Weisman is an accomplished music producer, author and music consultant. He is the author of “The Artist’s Guide to Success in the Music Business”, a book to help independent artists, musicians, bands, labels and managers achieve self sufficient and sustainable success. For more info on Loren and music consulting services, visit: http://www.lorenweisman.com

Ideas for Musicians – Advice for artists – split up the pie before you bake it.

Define who owns what, figure out how the split breaks out, who gets reimbursed for what when money comes in and how work is going to be shared before the song, project, job or whatever is completed.

When it comes down to some of the best ideas for musicians to follow, number one is deciding what is what and who gets what. Way too often, things are left very vague, loose and not defined. Then all the sudden when some kind of success happens, often times, things get ugly fast.

Some of the best advice for artists that anyone can give is to put it all down on paper and make sure that everyone is crystal clear on what happens if something good starts happening with a song, an album or project.

In music consulting sessions, I find myself as well as many other music consultants I know, explaining how crucial it is to make sure that those artists that are all concerned with making it in music, focus on making things clean, clear and concise on paper. It doesn’t take all that long to run through something while it is fresh and new, but if those parameters are not clarified, it can cost you a fortune down the line in court.

The rules of business state that you need to put it in writing. This goes for the creatives and the business of the arts as well. Define the terms, clarify the understanding and make sure everyone is on the same page. Life will be easier this way, when things start to get complex.

L

Loren Weisman is an accomplished music producer, author and music consultant. He is the author of “The Artist’s Guide to Success in the Music Business”, a book to help independent artists, musicians, bands, labels and managers achieve self sufficient and sustainable success. For more info on Loren and music consulting services, visit: http://www.lorenweisman.com